Sweden-based investment firm Profura Group has acquired UK food and beverage manufacturer Framptons for an undisclosed fee.
Profura Group snapped up the Somerset-based oat-drink producer through its subsidiary Provator.
Provator invests in companies with “financial difficulties” but “a healthy core business and high potential for growth”.
Founded in 1898, Framptons produces plant-based beverages at its site in Shepton Mallet from a range of bases, including oat, coconut, soya and chickpea.
The company also claimed to be the largest supplier of ready-cooked omelettes in the UK, and manufactures liquid-egg products to be sold business-to-business and through retail.
Bernt Ivarsson, founder and CEO of Goeteborg-based Profura Group, said: “Our experience with this type of business makes me look forward to being able to start our change work. We have the right key people to be able to develop Framptons and take a leading position in the market.”
The acquisition also led to a leadership reshuffle at Profura Group, with Framptons employees joining its board.
For the 12 months to the end of June 2022, Framptons turned over £50m ($63.1m), according to Companies House. The previous year, it turned over £37.6m.
The company’s gross profit reached £8.6m for the period, up from £6.3m. However, Framptons posted an operating loss of £276,000 for the 12-month period.
Speaking to Just Drinks earlier this year, A.G. Barr-owned Moma Foods said oat was bucking a declining alt-milk trend in the UK.
Managing director Peter Joubert said: “Plant milk, having grown rapidly during a post-lockdown period, has seemed at the surface to dramatically slow down. Dairy alts is now growing at only 1% in the last 52 weeks to June looking at Nielsen data.
“However, oat within that category is still growing at 12%. Oat is the fastest growing sub-segment and it’s now the biggest segment as well in terms of ingredients. Oat now makes up 52% of the dairy-alts category in the UK.”
